March 25, 2026
Chairman and Editor-in-Chief of Forbes Media, Steve Forbes, visited Hampden–Sydney College on Thursday, March 19, for a talk sponsored by the Young America's Foundation. Speaking to a packed audience of students, faculty, and guests, Forbes delivered a wide-ranging speech that touched on economic philosophy, public policy, and foreign affairs.
Forbes, who also serves as the chief editor of Forbes magazine, one of the most influential business publications in the United States for over a century, brought his experience at the intersection of media, finance, and politics to campus. In addition to his publishing career, he twice sought the Republican presidential nomination in 1996 and 2000 and served the administrations of Ronald Reagan and George H. W. Bush.
His address, titled “How Free Enterprise, Not Government, Made America Great,” focused on a strong defense of capitalism. Forbes decried what he described as the vilification of capitalists, arguing that such criticisms often confuse the flaws of individuals with the structure of the system itself. Rather than viewing capitalism as exploitative, he described it as a fundamentally “humane system” grounded in voluntary exchange and innovation.
“A lot of the criticisms come from criticizing human beings,” Forbes said. “The system itself is the best way to take human energy and channel it into useful directions.” He pointed to historic examples of economic growth, rising living standards, and technological progress as evidence of capitalism’s effectiveness, emphasizing that free enterprise rewards creativity and problem-solving in ways centralized systems cannot match.
Forbes also used the platform to advocate for policy reforms long associated with his public career. He reiterated his support for a simplified “flat tax” system, arguing that the current U.S. tax code is overly complex and discourages investment and entrepreneurship. Additionally, he called for reduced government intervention in markets, contending that excessive regulation stifles economic dynamism and limits opportunity, especially for younger generations entering the workforce.
On foreign policy, Forbes discussed the ongoing war with Iran, describing the situation as both “unavoidable” and strategically significant. He framed the conflict as a test of American resolve on the global stage, asserting that the outcome would send a signal to other major powers that the United States “is willing to see things through,” reinforcing his broader belief in a strong and consistent American presence abroad.
The media mogul went on to assess the war in Ukraine, saying that “it is absolutely essential that Ukraine win its true independence from Russia,” positing that not doing so would send unwanted signals to China in its pursuit of Taiwan.
He closed with a positive business outlook, touching on some markets where broad opportunities exist for entrepreneurs, particularly in healthcare.
The event also included a moderated discussion and an audience question and answer session, during which students engaged with Forbes on topics ranging from inflation and the Federal Reserve to entrepreneurship and economic opportunities.
Organizer and moderator William Wallis ’27 highlighted the importance of hosting speakers with diverse ideological perspectives.
“Bringing leaders like Steve Forbes to the Hill does a lot for the vitality of academic discourse,” Wallis said. “His voice resonates with many students here who share his passion for business and entrepreneurship.”
Beyond his speaking engagements, Forbes remains a leading advocate for free-market economics and limited government. He has authored numerous books on finance, commerce, and public policy, including “Reviving America: How Repealing Obamacare, Replacing the Tax Code, and Reforming the Fed Will Restore Hope and Prosperity.” His work continues to influence debates on economic policy within political circles and among the broader public.
For the Hampden–Sydney community, the event reflects a continuing commitment to fostering an environment of intellectually diverse viewpoints.